When can the exchange of contracts take place for sale conveyancing in Mere and do I need to attend the conveyancers branch?
If you are in close proximity to our conveyancing solicitors in Mere you are invited in to sign documents. That being said, the lender approved solicitors we work with provide a countrywide conveyancing service and provide as equally diligent and professional a job for you when communicating with you by post or email. The signing of the contract is not the point of no return. A signed contract is necessary for the firm to officially exchange at the appropriate time, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Mere)to be in the office available at the end of the phone to exchange contracts.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Mere. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 15/1/2025, the requirements read as follows :
I'm buying a new build house in Mere with a loan from Bank of Scotland. The builders would not move on the amount so I negotiated £7000 of additionals instead. The estate agent told me not reveal to my solicitor about this side-deal as it would affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Mere is the location of the property. Is there any advice you can give?
Flying freeholds in Mere are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mere you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mere may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am looking at a two flats in Mere both have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Mere is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Mere conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Mere - Examples of Queries Prior to Purchasing
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Is the freehold owned jointly by the tenants? Who manages the block? Make sure you investigate if there are any onerous restrictions in the lease. For example it is fairly common in Mere leases that pets are not permitted in certain buildings in Mere. If you love the propertyin Mere yet your cat is not allowed to make the move with you then you have a very hard decision.
How much should conveyancing in Mere cost?
The total sum levied for conveyancing in Mere may differ dramatically from lawyer to lawyer. This makes it is particularly necessary for you to find this out before you appoint a solicitor. It is advisable to find a few fee estimate.